Be sure to invest in life insurance for your family’s future!
While everyone needs life insurance, no one wants to talk about life insurance. It is a sensitive subject, but it’s important to ensure that your family is taken care of in the event that you’re no longer around. If you’re still thinking about whether or not, you need life insurance we have you covered. Check out this guide to navigate through the basics of life insurance.
Why do I need life insurance?
You need life insurance to ensure that your loved ones have financial security after you’re gone, especially if you have dependents. From college tuition to estate taxes to funeral costs, life insurance can soften the financial blow of losing a loved one.
What type of policies are available?
Most often you’ll hear that policies are divided into two categories. They are term policies and there are permanent policies. However, there are variations within these two categories. Term policies will last the policyholder for a set amount of time before they need to be renewed again, while permanent policies will last a lifetime.
How much coverage do I need and what does it cost?
It depends on both accounts. The amount of coverage you need depends upon on your financial responsibilities. While some will say that you need somewhere between 10 and 20 times your income, it really depends upon what financial responsibilities your family will be left with. You may want more coverage if you still have a mortgage and kids to put through college. You may want less coverage if you just want to cover afterlife expenses. When it comes to pricing, all policies are different. The price is determined by the type of coverage you have. Generally, term policies tend to be less expensive than permanent policies. Such term policies can start at as little as a few hundred dollars per year.
Be sure that you have the life insurance to cover all your needs. The professionals at Phocus Insurance can find you the best policies for your needs. Located in Phoenix, Arizona we serve all your personal and commercial insurance needs. Contact us for more information.
